The stock hit a high of Rs 549 and a low of Rs 462. Market players said at higher levels wealthy investors rushed to book profits to recover their investment cost.
Latent View's initial public offering (IPO) was subscribed 339 times, making it the most-subscribed IPO ever. Its IPO had seen bids exceeding Rs 1 trillion—nearly six times more than the country's largest IPO Paytm.
The high networth individual (HNI) portion of the IPO was subscribed 882 times. The breakeven cost for HNIs worked out to Rs 520 per share. Market players said despite the stellar listing some HNIs made to exit their position at losses.
The retail portion of the IPO was subscribed by 124 times. Only 1 out of 80 retail applicants got allotment in the IPO.
Latent View's IPO consisted of Rs 474 crore worth of fresh fundraise and a Rs 126 crore offer for sale.
At last close, the company was valued at Rs 9,665 crore versus Rs 3,900 crore valuation sought in the IPO. Latent View is a pure-play data analytics services company and functions in consulting services, data engineering, business analytics and digital solutions.
"We believe Latent View has distinctive product offerings, relevant experience and capabilities to manage customers, which aid in driving the company's revenue and operating efficiencies. The company's client base includes several marquee enterprises which are engaged in diverse industries across the world, and they have maintained long term relationships with them by providing quality and customized services," said a note by Religare.